Which schools are target and non-target for investment banking recruiting?

Q: What are the target schools for investment banking?

Tier 1 (Core Targets): All Ivy League schools plus Stanford, MIT, Duke, and UChicago. Tier 2 (Targets): Georgetown, NYU Stern, Cornell, Northwestern, UMich Ross, UVA McIntire, UC Berkeley Haas. Tier 3 (Semi-Targets): UT Austin, UNC, UCLA, USC, Vanderbilt, Boston College, Emory, Indiana Kelley. Tier 4: Everyone else—classified as Non-Target.

Q: Can you break into investment banking from a non-target school?

Yes, but the path is different. Online applications from non-target schools are largely ignored. Use the 'Side Door' method: aggressive networking via coffee chats, cold emailing alumni, and joining specialized finance clubs. Validate your status by searching LinkedIn for '[Your School] Investment Banking Analyst'—fewer than 50 results indicates non-target status.

Q: How do you check if your school is a target for investment banking?

Search LinkedIn for 'Investment Banking Analyst' plus your school name. Filter by recent profiles. If you find fewer than 50 alumni currently or recently in IB roles, your school is effectively a non-target. Start networking immediately—your path to interviews runs through relationships, not online applications.

The brutal truth about recruitment. A tiered list of Target, Semi-Target, and Non-Target schools for Investment Banking.

MN·2 min read

The Hard Truth

Investment banking recruiting is elitist. Banks allocate limited recruiting budgets to schools with proven analyst pipelines.

Target School: Banks recruit on campus. Non-Core: You cold email 500 bankers for one phone call.

2025 School Tier List

Tier 1: Super Targets

Direct feeders to Goldman Sachs, Morgan Stanley, and elite boutiques (Evercore, Centerview).

Category	Schools
Ivies	Harvard, Yale, Princeton, Wharton (UPenn), Columbia, Dartmouth
Non-Ivies	Stanford, MIT, Duke, UChicago

Tier 2: Targets

Interviews are attainable. Competition intensifies for top groups.

Category	Schools
Private	Georgetown, NYU (Stern), Cornell, Brown, Northwestern, Notre Dame
Public	UMich (Ross), UVA (McIntire), UC Berkeley (Haas)

Tier 3: Semi-Targets

Alumni exist on the Street. No guaranteed interview slots. Networking is mandatory.

UT Austin, UNC Chapel Hill, UCLA, USC, Vanderbilt, Boston College, Emory, Indiana (Kelley), Carnegie Mellon.

Tier 4: Non-Cores

Everyone else.

Online applications are ignored. Use the Side Door method: Networking, cold emailing, and specialized student clubs.

Validating Your Status

Open LinkedIn.
Search: "Investment Banking Analyst" + [Your School Name]
Filter by recent activity or review profiles directly.

Threshold: Fewer than 50 alumni in IB indicates Non-Core status. Start networking immediately.

For the complete recruiting framework, read How to Know If You're Cut.

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Frequently Asked Questions

What are the target schools for investment banking?

Can you break into investment banking from a non-target school?

How do you check if your school is a target for investment banking?